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The markets of Eastern Europe have given a great opportunity to potential foreign investors, especially since 1989. This market consists of 400 million possible consumers. Before the recent reforms, there was already some co‐operation, especially joint ventures, but these were rare. In the two years after the reforms of 1989, the number of foreign investments in Eastern Europe increased from 2,931 in 1989 to 34,903 in 1991. Presents a case study of the investment of the brewing concern Interbrew (the owners of brands such as Stella Artois and Labatt) in Hungary. Information was gathered by interviewing several people (at board level) at the corporate headquarters, who were involved in the decision‐making process of the take‐over of the Borsodi brewery in Hungary. Discusses the acquisition process and examines the outcomes.